Overview
Polar Capital Technology aims to maximise long-term capital growth through investing in a diversified portfolio of technology companies around the world, diversified across both regions and sectors within the overall investment objective to reduce investment risk.
The manager selects from a universe of more than 4,000 stocks and looks to construct a diversified portfolio with about 100 stocks in aggregate. These should represent the best opportunities within the investment themes that the manager has identified, and should come at the right price. The team looks at the value chain and identifies areas where it is possible to generate super normal profits (where companies have an unfair advantage) and recurring revenue.
On average, the stocks that are selected for the portfolio should be capable of generating 30%-50% higher growth than the average stock in the benchmark index and the manager is prepared to pay up for this growth – roughly 20%-30% more than the benchmark, on average.
you can access the company’s website here
Fundamentals
Price
Research History
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16 Jan 2025 20 min read
Polar Capital Technology – AI captain
AI captain Polar Capital Technology’s (PCT’s) manager contends that it has never been a better time to be an active manager in the AI-driven technology sector, with potential winners diversifying from the Mag7 technology stocks to a range of sectors and companies. Reflecting this, the fund’s active share is as large at 50% as it […]
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21 min read
Polar Capital Technology – AI captain
AI captain Polar Capital Technology’s (PCT’s) manager contends that it has never been a better time to be an active manager in the artificial intelligence (AI) driven technology sector, with potential winners diversifying from the magnificent seven (Mag7) technology stocks (a group of seven major technology companies that have demonstrated significant influence and performance in […]
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20 min read
Polar Capital Technology – AI captain
AI captain Polar Capital Technology’s (PCT’s) manager contends that it has never been a better time to be an active manager in the AI-driven technology sector, as it sees potential winners diversifying from the ‘Magnificent 7’ technology stocks to a range of sectors and companies. Reflecting this, the fund’s active share is as large at […]
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15 Jan 2025 21 min read
Herald Investment Trust – “Vote against Saba”
“Vote against Saba” to protect your investment Herald Investment Trust (HRI) closed-end structure allows its manager to take a long-term view and buy into what it believes are up-and-coming technology stocks at an early stage of their development, with the aim of providing its shareholders with a differentiated source of alpha. Saba Capital’s recent attempt […]
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25 Jun 2024 13 min read
Polar Capital Technology – AI caramba!
AI caramba! Polar Capital Technology’s (PCT’s) manager remains all in on the artificial intelligence (AI) investment theme, having fine-tuned the portfolio towards the ‘AI enablers’ and ‘AI beneficiaries’ that it considers will outperform the wider sector over the long-term. 2024 is set to be a profound moment for AI and a showcase for the rapid […]
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12 min read
Polar Capital Technology – AI caramba!
AI caramba! Polar Capital Technology’s (PCT’s) manager remains all in on the artificial intelligence (AI) investment theme, having fine-tuned the portfolio towards the ‘AI enablers’ and ‘AI beneficiaries’ that it considers will outperform the wider sector over the long-term. It believes that 2024 is set to be a profound moment for AI and a showcase […]
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12 min read
Polar Capital Technology – AI caramba!
AI caramba! Polar Capital Technology’s (PCT’s) manager remains all in on the artificial intelligence (AI) investment theme, having fine-tuned the portfolio towards the ‘AI enablers’ and ‘AI beneficiaries’ that it considers will outperform the wider sector over the long-term. 2024 is set to be a profound moment for AI and a showcase for the rapid […]
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26 Apr 2024 11 min read
QuotedData’s Investment Companies Quarterly Review – First quarter of 2024
First quarter of 2024 Investment Companies | Quarterly roundup | April 2023 Kindly sponsored by abrdn Equity rally belies difficult quarter for sector 2024 started on strong footing, with global equities (as measured by the MSCI All Countries World Index) rallying 9.2% over the first three months (in sterling terms). However, while there some standouts […]
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09 Jan 2024 22 min read
Polar Capital Technology – The AI’s have it
Polar Capital Technology Investment companies | Annual Overview | 9 January 2024 The AI’s have it Polar Capital Technology’s (PCT’s) manager Ben Rogoff’s conviction levels on the potential of artificial intelligence (AI) have risen, reflecting the all-encompassing possibilities of the technology. His bullishness is displayed in the make-up of PCT’s portfolio, which is weighted almost […]
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22 min read
Polar Capital Technology – The AI’s have it
Polar Capital Technology Investment companies | Update | 9 January 2024 The AI’s have it Polar Capital Technology’s (PCT’s) manager Ben Rogoff’s conviction levels on the potential of artificial intelligence (AI) have risen, reflecting the all-encompassing possibilities of the technology. His bullishness is displayed in the make-up of PCT’s portfolio, which is weighted almost 80% […]
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22 min read
Polar Capital Technology – The AI’s have it
Polar Capital Technology Investment companies | Annual Overview | 9 January 2024 The AI’s have it Polar Capital Technology’s (PCT’s) manager Ben Rogoff’s conviction levels on the potential of artificial intelligence (AI) have risen, reflecting the all-encompassing possibilities of the technology. His bullishness is displayed in the make-up of PCT’s portfolio, which is weighted almost […]
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14 Jun 2023 14 min read
Polar Capital Technology – Me, myself and AI
Polar Capital Technology Investment companies | Update | 14 June 2023 Me, myself and AI An inflection point in artificial intelligence (AI) – which combines computer science and datasets to enable problem-solving – is close to being reached. Major improvements in output and rapid adoption make the likelihood that it will become a general purpose […]
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14 min read
Polar Capital Technology – Me, myself and AI
Polar Capital Technology Investment companies | Update | 14 June 2023 Me, myself and AI An inflection point in artificial intelligence (AI) is close to being reached as major improvements in output and rapid adoption make the likelihood that it will become a general purpose technology (like the computer and internet before it) and impact […]
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14 min read
Polar Capital Technology – Me, myself and AI
Polar Capital Technology Investment companies | Update | 14 June 2023 Me, myself and AI The manager of Polar Capital Technology’s (PCT), Ben Rogoff, believes that we are close to an inflection point in the use of artificial intelligence (AI) as major improvements in output and rapid adoption make it more likely that it will […]
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05 Jan 2023 90 min read
QuotedData’s Economic and Political Monthly Roundup January 2023
Economic and Political Monthly Roundup Investment companies | Monthly | January 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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9 min read
QuotedData’s Investment Companies Roundup – January 2023
December 2022 Monthly roundup | Investment companies Winners and losers in December 2022 The Financials sector only has two constituents, one of these – Trian Investors 1 – has seen its discount narrow since it promised to return cash to investors by next June, and it has also benefited from underlying NAV appreciation. Last month’s […]
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08 Dec 2022 20 min read
Polar Capital Technology – Jockeying for position
Jockeying for position Weakened risk appetite among investors as macroeconomic headwinds persist has seen the technology sector suffer. As investors retreated to the sector titans (stocks such as Microsoft and Apple), Polar Capital Technology’s (PCT’s) underweight position in these companies has seen it underperform its benchmark over the 12 months to the end of November, […]
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20 min read
Polar Capital Technology – Jockeying for position
Jockeying for position Weakened risk appetite among investors as macroeconomic headwinds persist has seen the technology sector suffer. As investors retreated to the sector titans (stocks such as Microsoft and Apple), Polar Capital Technology’s (PCT’s) underweight position in these companies has seen it underperform its benchmark over the 12 months to the end of November, […]
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20 min read
Polar Capital Technology – Jockeying for position
Jockeying for position Weakened risk appetite among investors as macroeconomic headwinds persist are likely factors in the woes of the technology sector. As investors appeared to retreat to the sector titans (stocks such as Microsoft and Apple), Polar Capital Technology’s (PCT’s) underweight position in these companies has seen it underperform its benchmark over the 12 […]
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13 Oct 2022 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2022
Third quarter of 2022 Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Piling on the misery In the face of rising inflation, exacerbated by the war in Ukraine, central bankers have condemned for their relative inaction. However, in the third quarter of 2022, they stepped up a gear. Last month’s economic and political roundup […]
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10 May 2022 11 min read
Polar Capital Technology – Eyes on the prize
Eyes on the prize Heightened downside risk and disappointing earnings updates have seen the technology sector give back some of its considerable long-term outperformance of the wider market. As investors retreated to the sector titans (stocks such as Microsoft and Apple), Polar Capital Technology’s (PCT’s) underweight position in these companies has seen it underperform its […]
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11 min read
Polar Capital Technology – Eyes on the prize
Eyes on the prize Heightened downside risk and disappointing earnings updates have seen the technology sector give back some of its considerable long-term outperformance of the wider market. As investors appeared to retreat to the sector titans (stocks such as Microsoft and Apple), Polar Capital Technology’s (PCT’s) underweight position in these companies has seen it […]
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11 min read
Polar Capital Technology – Eyes on the prize
Eyes on the prize Heightened downside risk and disappointing earnings updates have seen the technology sector give back some of its considerable long-term outperformance of the wider market. As investors retreated to the sector titans (stocks such as Microsoft and Apple), Polar Capital Technology’s (PCT’s) underweight position in these companies has seen it underperform its […]
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07 Jul 2021 20 min read
Polar Capital Technology – Exciting times
Exciting times In the short term, the technology sector has given back some of its considerable long-term outperformance of the wider market. Ben Rogoff, manager of Polar Capital Technology Trust (PCT), is unfazed by this. The pandemic has accelerated many societal shifts that Ben believes will be permanent. Areas such as e-commerce, cloud computing, video […]
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20 min read
Polar Capital Technology – Exciting times
Exciting times In the short term, the technology sector has given back some of its considerable long-term outperformance of the wider market. Ben Rogoff, manager of Polar Capital Technology Trust (PCT), is unfazed by this. The COVID-19 pandemic has accelerated many societal shifts that Ben believes will be permanent. Areas such as e-commerce, cloud computing, […]
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20 min read
Polar Capital Technology – Exciting times
Exciting times In the short term, the technology sector has given back some of its considerable long-term outperformance of the wider market. Ben Rogoff, manager of Polar Capital Technology Trust (PCT), is unfazed by this. He says that the pandemic has accelerated many societal shifts that he believes will be permanent. Ben notes that areas […]
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15 Dec 2020 11 min read
Polar Capital Technology – More to go for
More to go for Polar Capital Technology (PCT) has shrugged off the pandemic, delivering returns of over 50% over the 12 months to the end of November 2020 and beating its benchmark by a substantial margin. This just extended a long run of good absolute and relative performance from the trust that has helped it […]
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12 min read
Polar Capital Technology – More to go for
More to go for Polar Capital Technology (PCT) has shrugged off the effects of the COVID-19 pandemic, delivering returns of over 50% over the 12 months to the end of November 2020 and beating its benchmark (the Dow Jones Global Technology Index, in sterling terms) by a substantial margin. This just extended a long run […]
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11 min read
Polar Capital Technology Trust – “More to go for”
“More to go for” Polar Capital Technology (PCT) appears to have shrugged off the pandemic, delivering returns of over 50% over the 12 months to the end of November 2020 and beating its benchmark by a substantial margin. This just extended a long run of good absolute and relative performance from the trust that has […]
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14 Jul 2020 9 min read
QuotedData’s Investment Companies Quarterly Review – Second Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit When the going gets […]
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07 Jul 2020 7 min read
QuotedData’s Investment Companies Roundup – July 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over June: CQS New City High Yield – […]
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12 May 2020 21 min read
Polar Capital Technology – Confidence building
Confidence building After a brief period of extreme volatility in stock markets related to the coronavirus COVID-19 outbreak, confidence is returning in the technology sector. Shareholders seem to appreciate that the sector is well-placed to weather the disruption caused by measures that are being used to fight the pandemic. Polar Capital Technology Trust (PCT), buoyed […]
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20 min read
Polar Capital Technology – Confidence building
Confidence building After a brief period of COVID-19-related volatility, confidence is returning in the technology sector. Shareholders seem to appreciate that the sector is wellplaced to weather the disruption caused by measures to fight the pandemic. Polar Capital Technology Trust (PCT), buoyed by its strong track record, is issuing shares to meet investors’ demand. The […]
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07 Apr 2020 8 min read
QuotedData’s Investment Companies Roundup – April 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over March: An update note […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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10 Jan 2020 8 min read
QuotedData’s economic roundup – January 2020
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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07 Aug 2019 3 min read
QuotedData’s investment companies roundup – August 2019
Investment Companies Roundup New research Over July, we published notes on CQS New City High Yield, BlackRock Throgmorton, Strategic Equity Capital, Seneca Global Income & Growth, CG Asset Management, Standard Life Investments Property Income and Aberdeen New Dawn. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite […]
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5 min read
QuotedData’s economic roundup – August 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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14 Sep 2018 1 min read
QuotedData’s investment companies roundup – September 2018
QuotedData’s investment companies roundup – September 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in August GRIT Real Estate Income floated on the UK Stock Exchange in […]
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15 Aug 2018 1 min read
QuotedData’s Economic round up – August 2018
QuotedData’s Economic round up – August 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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11 Jun 2018 1 min read
QuotedData’s investment companies roundup – June 2018
QuotedData’s investment companies roundup – June 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2018. Kindly sponsored by Baillie Gifford. The premium of biotech company, Syncona, rose on positive news on two of its […]
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07 Mar 2018 1 min read
QuotedData releases 2018 Investment Companies Guide
QuotedData has released the 2018 edition of its highly-regarded Investment Companies Guide. Building on the success of last year’s publication and updated to reflect developments within the sector, the Guide harnesses QuotedData’s wide-ranging distribution capabilities to reach over 100,000 self-directed investors and their advisers. Two versions: In PDF 2018 Investment Companies Guide Final Version Or Accessed Via […]
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10 Nov 2017 1 min read
QuotedData investment companies roundup – November 2017
QuotedData investment companies roundup – November 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2017. Kindly sponsored by Baillie Gifford. November Investment Companies Roundup Globalworth Real Estate’s discount was eliminated after it announced […]
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27 Oct 2016 1 min read
Quarterly investment companies roundup – Third quarter 2016
Q3 saw the market adapt to life post the UK’s EU referendum. Sterling continued to fall but most stock markets stabilised and discounts narrowed across most sectors. While the US election is dominating headlines, it does not seem to be having much impact on markets so far. q3-quarterly-roundup
News
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07 Feb 2025 6 min read
Stormy waters for investment trusts: Navigating the crisis
HMS Investment Trust is facing turbulent waters. Not only are the sharks circling, but the icebergs are proliferating, while the regulator seems determined to put a hole in us below the waterline. The Financial Conduct Authority (FCA) recently hosted an open panel for industry members, focusing on a critical issue: the fate of the sector […]
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03 Feb 2025 2 min read
Polar Capital Technology enters the FTSE 100 Index for the first time
Polar Capital Technology Trust (PCT) has entered the FTSE 100 Index for the first time today, nearly 25 years after its launch in 1996. In achieving this milestone, PCT becomes one of a select group of six investment companies (a record in itself) that are constituents of the UK’s premier index: 3i Group, Scottish Mortgage, […]
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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10 Dec 2024 2 min read
AI drives double digit NAV return for Polar Cap Technology over H1
Polar Capital Technology Trust (PCT) announced its interim results for the six months to 31 October 2024. The company delivered a NAV total return of 11.7% compared to the 14.1% return for the benchmark sterling-adjusted Dow Jones World Technology Net Total Return Index. This largely reflected the remarkable performance of a select group of US […]
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22 Nov 2024 3 min read
MAGA or TINA, the only way is up?
The problem with Trump’s use of the phrase “MAGA” – Make America Great Again – is that it implies America wasn’t already great. With its booming equity markets, robust economic growth, and strong fundamentals – such as energy independence, deep pools of domestic capital, and the inherent advantages of the US dollar’s reserve currency status […]
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09 Aug 2024 3 min read
Bubble trouble?
In his latest QD view, James Carthew looks at the impact of recent market falls on the technology sector, and Polar Capital Technology in particular. Polar Capital Technology’s amazing results Polar Capital Technology (PCT) announced results for the 12 months ended 30 April 2024 on 17 July 2024, we covered these here. The numbers were […]
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17 Jul 2024 4 min read
AI drives sky high returns for Polar Capital Technology Trust
Polar Capital Technology Trust (PCT) has released its annual report for the year ended 30 April 2024. The company’s NAV per share increased by 40.8%, versus an increase in the benchmark of 38.9% in sterling terms over the same period. Shares were up 50.8%. The discount was 7% at the time of publishing. The manager […]
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03 May 2024 1 min read
QuotedData’s weekly news show 3rd May 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Aberforth Split Level Income (0:33) • Chrysalis (6:24) Andrew McHattie highlighted a number of funds that were looking unusually cheap or expensive (10:24). This week’s interview […]
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08 Mar 2024 3 min read
QD view – Clash of the titans
Alliance Trust and F&C Investment Trust are two of the largest investment trusts offering investors access to a global portfolio of shares. Both are well over 100 years old, with a good track record of adapting to changing circumstances. There has always been something of a rivalry between them, but it feels to me as […]
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12 Dec 2023 2 min read
Double digit growth for PCT despite underperformance
Polar Capital Technology Trust (PCT) has announced its interim report for the six months to 31 October 2023. NAV total return for the period was 12.1%, trailing the benchmark return of 12.8% (The Dow Jones Global Technology Index). Shares were up 10.6%. The company’s discount stood at 14.5% at the end of the period. Commenting […]
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08 Dec 2023 5 min read
QD view – your vote will count in Arb fight
Discounts in the investment trust sector are almost double their average[1], with the combination of cost disclosure rules and rising interest rates creating widespread selling pressure. It is perhaps not surprising that this has caught the attention of activist investors who spot an opportunity. Saba Capital is the latest arbitrageur on the block, thought to […]
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24 Nov 2023 4 min read
QD View – AI euphoria gone too far?
The bizarre comings and goings at OpenAI have been dominating business headlines recently. I must admit, I find the ongoing delirium surrounding artificial intelligence somewhat tiring. While I’m certainly not qualified to debate the finer details of the technology, it seems to me that for most people, the extent of it so far amounts to […]
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22 Sep 2023 3 min read
QD view – Lehman terms
A milestone was passed very recently without much fanfare. 15 September 2023 marked the 15th anniversary of the collapse of Lehman Brothers, a vanquished titan of American finance, an event which precipitated the 2008 global financial crisis, the most significant downturn since the great depression of the 1930s. While the societal consequence of the crisis […]
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19 Jul 2023 2 min read
Roller-coaster year for Polar Capital Technology amid tech bull resurgence
Polar Capital Technology Trust (PCT) announced its full year results for the period 30 April 2023. The company’s NAV fell 2.8% for the year while shares fell 4.9% compared to the benchmark Dow Jones Global Technology Index return of 2.9%. While recent performance for the trust has been impressive, driven by large cap US tech, […]
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09 Jun 2023 3 min read
QD view – AI mania driving tech recovery
Big getting bigger One of the dominant, and for most investment managers highly frustrating, trends of recent times has been the strength of the mega caps. It was really evident in the UK last year, where a handful of large stocks drove indices higher and, if you were underweight those, as most active managers would […]
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17 Mar 2023 7 min read
QD view – A Silicon Valley bust?
Silicon Valley Bank (SVB) was, I’m sure, a largely unknown financial institution for many of our readers. Though they would be forgiven for their past ignorance, given that SVB was focused on servicing clients in a specific sector, usually in another country, who were, more often than not, headquartered down the street from the bank. […]
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12 Dec 2022 3 min read
Polar Capital Technology half year results
Polar Capital Technology (PCT) has released its half year results for the six months ending 31 October 2022 and, over this period it has reported a NAV return of -9.1% and share price return of -7.2%, compared to the -8.9% of its benchmark, the Dow Joes World Technology Index. PCT’s discount was 9.6% as of […]
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22 Jul 2022 1 min read
QuotedData’s weekly news show 22nd July 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Polar Capital Technology • Henderson Diversified Income This week’s interview was with Philip Kent of GCP Infrastructure Investments Ltd – watch it again here.
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20 Jul 2022 3 min read
Polar Capital Technology dragged down by tech retrenchment after last year’s outperformance
Polar Capital Technology dragged down by tech retrenchment after last year’s outperformance – Polar Capital Technology (PCT) has posted its final results for the year to 30 April 2022. Over the year, its NAV fell by 7.7% and the share price fell by 13.7% as the discount widened, both behind the index which fell by […]
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22 Apr 2022 4 min read
QD view – Are you still watching?
It is no secret that the US is the biggest player in the technology space, with a market value of about $1.5trn compared to a global market value of around $5.2trn. The country is home to some of the biggest tech firms in the world and probably the next generation of them with almost 500,000 […]
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01 Apr 2022 6 min read
Metaverse: a “successor state for the mobile internet?”
Ben Rogoff, Fund Manager, Polar Capital Technology Trust The term ‘metaverse’ exploded into popular consciousness last November, when Mark Zuckerberg rebranded Facebook as Meta; thereby making a very public declaration that he was pinning the company’s future on this concept, which is still widely debated in terms of its definition and use. Watch Ben Rogoff […]
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13 Jan 2022 1 min read
QuotedData’s morning briefing 13 January 2022
In QuotedData’s morning briefing 13 January 2022: Polar Capital Technology (PCT) is cutting its management fee from 1 May 2022. The tiering of the base fee has been simplified and lower rates agreed. The impact of this change is to reduce the blended ongoing management fee at current asset levels from 0.81% to 0.75%. The […]
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14 Dec 2021 1 min read
QuotedData’s morning briefing 14 December 2021
In QuotedData’s morning briefing 14 December 2021: Polar Capital Technology (PCT) produced an NAV return of 11.5% and share price return of 6.3% for the six months ended 31 October 2021, unfortunately lagging the return on the benchmark of 13.3%. Some stocks that had done exceptionally well during the pandemic gave back some performance as […]
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06 Aug 2021 2 min read
QD view – do we love tech or not?
Our monthly roundup of news and views from the investment companies sector should be hitting your inboxes shortly. The macro roundup contains a long and detailed but fascinating look at the technology sector from Ben Rogoff, manager of Polar Capital Technology. He was writing in the trust’s annual report, which was published on 20 July. […]
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21 Jul 2021 8 min read
Polar Capital Technology held back by widening discount
Polar Capital Technology held back by widening discount – Polar Capital Technology Trust has published results for the year ended 30 April 2021. The 12-month period was one where the sector performed extremely well but gave back some of its returns in the final couple of months. The trust just failed to match its benchmark, returning […]
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16 Jul 2021 2 min read
QuotedData’s morning briefing 16 July 2021
In QuotedData’s morning briefing 16 July 2021: Polar Capital Technology Trust (PCT) has announced that it now expects to announce its annual results for the year ended 30 April 2021 on Wednesday 21 July 2021 (previously scheduled for Thursday 15 July 2021). There will be a conference call for analysts on the day of the results at […]
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09 Jul 2021 3 min read
QD view – is football coming home? Plus QuotedData’s Euro 2020 quiz
The last few weeks have given English football fans – and probably non-football fans alike – a much-needed boost of energy and excitement after 18 months of on-and-off staying at home. After Wednesday’s Euro 2020 semi-final against Denmark, which saw England win 2-1 and make history by reaching its first major men’s final since 1966, […]
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07 May 2021 3 min read
QD view – how the top 10 trusts have changed
I was playing with the QuotedData data pages this week – looking at factors such as widest discounts and highest yields – then I alighted on the 10-largest funds by market cap and I have to admit that some names on that list were a surprise to me. Fortunately, I had some old data from […]
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29 Jan 2021 2 min read
QD view – the next big thing
Discounts sometimes do weird and wonderful things but one odd situation at the moment is a 6%+ discount on Polar Capital Technology Trust (PCT). An investment in this fund 12 months ago would have made you over 40% on your money. When we published our last note on the trust (in December), it was comfortably […]
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11 Dec 2020 2 min read
Polar Capital Technology beats benchmark again as pandemic drives adoption
Polar Capital Technology (PCT) has published unaudited results for the half-year to 31 October 2020. In NAV per share terms, PCT returned 28.1%, while the market return came in at 18.1%. The benchmark Dow Jones World Technology Index delivered a return of 23.9%. ‘Internet and software subsectors lead relative performance’ PCT’s manager, Ben Rogoff, had this to say: “Internet companies […]
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07 Aug 2020 2 min read
US has no monopoly on good technology
One of the things that caught my eye in this morning’s BBC news was a photo of Mark Zuckerburg, looking rather smug, captioned “Facebook founder sees wealth hit $100bn after TikTok rival launch”. Apparently, Instagram Reels is set to capture the short-form video market from TikTok (no doubt helped enormously if Trump succeeds in banning […]
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14 Jul 2020 3 min read
Polar Capital Technology beats benchmark in wild year
Polar Capital Technology has published results for the year ended 30 April 2020. Over the period, the NAV total return was just ahead of that of the benchmark, +18.6% against +18.1% for the Dow Jones World Technology Index. Shareholders saw the elimination of the discount, however and this lifted their return to +31.0%. Following the […]
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08 Jun 2020 4 min read
Video games: from niche pastime to mainstream entertainment
The State of Play Gaming has come a long way since the days when it was (unfairly, in our view) regarded as a niche form of entertainment for a niche demographic. Video games have gone mainstream and, somewhat under the radar, become the largest and fastest growing form of media. NewZoo estimates that the global […]
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12 Dec 2019 1 min read
QuotedData’s other news 12 December 2019
In QuotedData’s other news 12 December 2019 Polar Capital Technology crept closer to the £2bn mark as its NAV grew by 2% over the six months ended 31 October 2019. The benchmark index was a little stronger over this period (up 4%) as very large tech companies (where PCT is underweight) drove the index higher. Gore […]
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15 Jul 2019 1 min read
QuotedData’s other news 15 July 2019
In QuotedData’s other news 15 July 2019: The multi-strategy absolute return fund, Independent Investment Trust (IIT), reported half-year results to 31 May 2019 this morning; the NAV and shares were up by 6.5% and 4.7% respectively. Previously classified as a global fund, IIT is now falls under UK, following the Association of Investment Companies (AICs) recent […]
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2 min read
Polar Capital Technology delivers benchmark beating annuals
Polar Capital Technology delivers benchmark beating annuals – Polar Capital Technology (PCT) has this morning announced full-year results to 30 April 2019 with NAV up by 24.7% year-on-year while the shares rose by 17.9%. PCT’s benchmark is the dow jones world technology index; PCT outperformed the benchmark, both last year by 5.6% and this year […]
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15 Apr 2019 2 min read
Polar Capital Technology amends fees
Polar Capital Technology amends fees – Polar Capital Technology’s board has decided to amend its management fee to reflect the growth of the fund, strong performance in both absolute and relative terms, and in light of the impact of MiFID II with regard to contributions to research costs. Going forward, the trust will no longer make […]
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21 Sep 2018 2 min read
Polar Capital Technology helps New Star beat its benchmark
Polar Capital Technology helps New Star beat its benchmark – New Star Investment Trust has announced results for the year ended 30 June 2018. It delivered an NAV return of 6.5% which compares to 4.9% for the IA Mixed Investment 40% – 85% Shares (on averahe) and 9.5% for the MSCI AC World Index. A dividend of 0.8p […]
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17 Jul 2018 2 min read
Polar Capital Tech beats its benchmark again
Polar Capital Tech beats its benchmark again – Polar Capital Technology Trust has reported another year of outperformance. In the year to 30 April 2017, NAV rose by just over 56.0%, over the year to end April 2018, it rose by another 22.7%, taking NAV per share to 1,159.69p and the net assets of the company to £1,551.6m. The share price […]
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13 Oct 2017 1 min read
Manchester & London overseas bet pays off
Manchester & London overseas bet pays off – Manchester & London has published results for the year ended 31 July 2017 that show that the fund delivered a 26.9% return on net assets and a 47.9% return to shareholders over a period when its benchmark (MSCI UK Investable Market Index) returned 14.7%. the share price return […]
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18 Sep 2017 2 min read
Discount narrowing boosts New Star’s returns
Discount narrowing boosts New Star’s returns – New Star investment Trust’s total return was 17.9% over the year to 30th June 2017. The discount narrowed from 39.5% to 29.0% and this helped push the share price up by 38.2%. By comparison, the Investment Association’s Mixed Investment 40-85% Shares index gained 16.5%. The MSCI AC World Total […]
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31 Jul 2017 3 min read
Better year for Growth pool in F&C Managed Portfolio
Better year for Growth pool in F&C Managed Portfolio – F&C Managed Portfolio has published results for the year ended 31 May 2017. The NAV total return (i.e. adding dividends paid to capital performance) was 24.5% for the Income shares and 26.4% for the Growth shares. This compares with the 24.5% total return for the All-Share […]
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15 Nov 2016 1 min read
UIL, Industrial Multi Property Third Quarter Winners – QuotedData
LONDON (Alliance News) – The best performer in both price and net asset value terms in the third quarter was UIL Ltd, boosted by its largest investment, Australian-listed Resolute Mining Ltd, which benefited from a strong gold price. Industrial Multi Property Trust PLC and Kubera-Cross Border Fund Ltd both saw recoveries in their share price […]
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21 Oct 2016 2 min read
Manchester & London performance improves
Manchester & London reports that, for the year ended 31 July 2016, its NAV increased by 19.8% which they compare to a 4.0% return on the Dow Jones U.K. Total Stock Market Total Return Index. The discount the Shares trade at to their Net Asset Value per Share has widened by 2.2 per cent during […]
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05 Jul 2016 1 min read
Polar Capital Technology edges ahead of benchmark
Polar Capital Technology’s results for the year ended 30 April 2016 have been published. The global technology sector performed better than the broader indices for most of the financial year but finished in line with the FTSE World Index after a sharp decline in several of the leading technology stocks in April. Polar Capital Technology’s […]
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26 Feb 2016 1 min read
New Star benefits from dollar exposure
Over the second half of 2015 New Star Investment Trust delivered a 2.5% return on net assets which compares favourably to a -0.5% return on the IA Mixed Investment 40-85% Shares sector, a 1.7% return on the MSCI AC World Index and a -3.3% return on the MSCI UK Index. The report says US equities […]
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27 Jul 2015 5 min read
F&C Managed Portfolio sees both pools beat the UK market
F&C Managed Portfolio has published results for the year ended 31 May 2015. The NAV total returns for the Income shares were 10.0% and for the Growth shares 12.8% compared to the FTSE All-Share Index of 7.5%. The investment company sector, as measured by the FTSE Equity Investment Instruments Index, returned 13.0%. The annual dividend increased […]
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03 Jul 2015 2 min read
Polar Capital Technology fee cut, outperforms
Polar Capital Technology managed to beat the Dow Jones Word Technology Index over the year to the end of April 2015 as its net asset value per share returned 30.7% as compared to 29.5% return on the index. shareholders did even better as the discount narrowed from 3.6% to 1.2%, giving them a 33.9% return on the share price. […]
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24 Apr 2015 1 min read
Cayenne Trust says considering proposals for future of the company
The Cayenne Trust’s results for the year ended 31 January 2015 have been published. The company’s net asset value total return and share price total return were both 12.1% for the period. This compares to an 11.6% return on the FTSE All-Share Equity Investments Index. The dividend has been increased from 1.2p to 3.8p. The […]
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22 Jan 2015 1 min read
F&C Managed Portfolio benefits from strong investment company sector
F&C Managed Portfolio has announced results for the six months that finished on 30 November 2014. The FTSE All-Share Index returned -0.1% over that period but F&C Managed Portfolio Growth shares (FMPG) returned 4.3% and the F&C Managed Portfolio Income shares (FMPI) returned 3.0% over the period. This may be largely down to a good […]
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05 Dec 2014 1 min read
Good six months for Polar Capital Technology
Over the six months that ended on 31 October 2014, Polar Capital Technology beat the Dow Jones World Technology Index by 2.4% in a strong period for the sector – the Index was up 16.3% in sterling terms and the NAV up 18.7%. The share price rose by 19.2%. The manager says the most significant positive […]
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30 Jun 2014 1 min read
Polar Capital Technology : PCT – final results
Polar Capital Technology has published results for the year ended 30 April 2014 that show its net assets growing by 11.2% and its share price by 10.9% but both lagging the increase in the Dow jones World Technology Index of 13.1%. Very strong gains and outperformance of the index were given up in the last six […]
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23 Jan 2014 1 min read
F&C Managed Portfolio : FMPI – half yearly report
FMPI has announced its interim results covering the six months ended 30 November 2013. The net asset value returns for the period were 2.9% for the Income shares and 7% for the Growth shares. This compares to a 3.9% return on the FTSE All-Share Index and 3.1% on the FTSE Equity Investments Index. The Board say […]
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19 Dec 2013 1 min read
Artemis Alpha : ATS – interim results
Artemis Alpha, the UK equity growth investment trust, has released interim results for the six months ended 31 October 2013 that show its portfolio comfortably outperformed its benchmark, the FTSE All-Share index. ATS’s NAV return was 13.1% over the period while the index returned 7.7%. Three stocks in ATS’s unquoted portfolio were written up – Metapack (a business […]
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10 Dec 2013 1 min read
Polar Capital Technology : PCT
Interim results for the half year ended 31 October 2013. NAV rose by 12.6%, well ahead of the Dow Jones World Technology Index which returned 8.9% in sterling terms. The fund moved from trading at a discount to trading at a premium to NAV and so the share price return was 17.1% over the period. […]
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17 Dec 2024 1 min read
Investment trust insider looks back at 2024
Investment trust insider looks back at 2024 – James Carthew: Shrinking trusts provide multiple opportunities Share price discounts remain stubbornly wide despite a huge number of buybacks and corporation actions in 2024. Nevertheless, there have been some big winners this year. This year has seen the investment companies sector shrink as boards have made big […]
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21 May 2024 2 min read
A golden goose
Tom Aylott, Portfolio Adviser, 16 May 2024: Deep and widespread discounts have been touted as a prime buying opportunity, with investors now able to buy trusts at prices well below their net asset value (NAV). However, it is worth bearing in mind that investment companies have always traded at discounts historically, meaning the current opportunity […]
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29 Apr 2024 1 min read
Investment trust insider on tech trusts
Investment trust insider on tech trusts – James Carthew: Two tech trusts you should hold for the AI revolution One of the weirder things about the investment companies market is that some of its most successful funds are trading at significant discounts. I could point to all sorts of examples but the one I want […]
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13 Mar 2024 1 min read
The battle for technology: Allianz vs Polar Capital
By Jean-Baptiste Andrieux, Reporter, Trustnet, 13 March 2024: Technology has richly rewarded investors since the global financial crisis of 2008 and, more recently, developments in artificial intelligence (AI) have led to surge in US mega-cap tech stocks. As beneficiaries of the tech boom and AI exuberance, Allianz Technology Trust and Polar Capital Technology Trust were […]
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15 Feb 2024 1 min read
The revival of technology investment trusts
by Jennifer Johnson, Investors’ Chronicle, February 14, 2024: At first glance, London’s largest dedicated technology trusts aren’t overexposed to the fabled ‘Magnificant Seven’ stocks that dominated the US market last year. Open-ended funds can only hold 10 per cent in a single company, meaning they must underweight the megacap companies that sit at the top […]
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29 Jan 2024 1 min read
The AIs have it
By Richard Williams, QuotedData, 29 January 2024: Being underweight the ‘Magnificent Seven’ would have made for a painful 2023. The seven US mega-cap technology stocks – Microsoft, Apple, Alphabet, Meta, Nvidia, Amazon, and Tesla – were collectively up 80% over the year, while the remaining 493 stocks that make up the S&P 500 index were […]
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15 Jan 2024 1 min read
Investment trust insider on AI
Investment trust insider on AI – James Carthew: Tech trusts transform their returns with big AI bets Ignoring a couple of oddities, the best-performing investment company last year in terms of underlying growth in net asset value (NAV) was Manchester & London (MNL), which generated a return of 57%. A narrowing discount meant that shareholders […]
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11 Oct 2023 1 min read
15 years on from Lehman’s: the funds and investment trusts that top the charts
by Kyle Caldwell from interactive investor, 10th October 2023: The 15-year anniversary of the collapse of Lehman Brothers, which sent shockwaves through global stock markets, recently passed. Prior to the largest bankruptcy in US history came the credit crunch. This put paid to over-borrowed banks such as Northern Rock. Then came the full-blown banking crisis […]
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02 Jun 2023 1 min read
Everything you need to know about investing in AI
David Brenchley, The Times, June 1 2023: On Monday the chipmaker Nvidia became a trillion-dollar company… Nvidia’s share price is up 164 per cent this year alone. The company said last week that demand for its graphics processors, needed to train AI systems, would bring in $11 billion of revenue in the three months to […]
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16 May 2022 1 min read
Eight star fund managers you can buy on the cheap
Sam Benstead from interactive investor, 11th May 2022: The stock market rout this year has created a rare opportunity to buy shares in investment trusts run by star managers at large discounts to the value of their investments. Headline bargains include a 38% discount on Pershing Square Holdings run by Bill Ackman, a 10% discount […]
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07 Feb 2022 1 min read
How to buy shares in the foreign brands we love
ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY, 5 February 2022: What can investors do when so many of the brands we know and use daily, from Disney to Apple and Samsung, are listed on overseas stock markets? Pick of the household names from overseas The UK stock market is packed full of world-class energy companies and […]
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23 Dec 2021 1 min read
How to Omicron-proof your portfolio
By ROSIE MURRAY-WEST FOR THE MAIL ON SUNDAY, 18 December 2021 It’s beginning to look a bit like Christmas last year. There’s a tree in the Grand Hotel, one in the park as well, and plenty of rumours about tightening lockdowns and restrictions as the latest Covid variant gets going. But the jury is out […]
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1 min read
Questor investment trust bargain: Polar Capital Technology
By Sam Benstead, Daily Telegraph, 16 December 2021 Polar Capital Technology gives investors access to the world’s best companies for a knock-down price. When we tipped Polar Capital Technology Trust in 2018, we praised its “experienced and respected management team” and said its “uncharacteristically wide” discount of 6pc made it a clear buy. Three years […]
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15 Nov 2021 2 min read
Investment trusts rediscover their roots with a 21st century twist
The listed fund vehicles are financing innovation in clean fuels, space and digital infrastructure Mary McDougall, Financial Times, NOVEMBER 12 2021 Investment trusts seem to be coming full circle. For most of the 20th century, they gradually moved away from their origins as entrepreneurial schemes investing in specific targets, often in Britain’s colonies, to running […]
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06 Sep 2021 1 min read
Why a stocks and shares Isa is the perfect gift for a baby
Violet is five months old — a good age to start investing in the market, says her devoted uncle David Brenchley David Brenchley, Friday September 03 2021, 5.00pm, The Times It’s always exciting when you can welcome a new baby to the family. This was certainly the case with the birth of my niece, Violet, […]
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26 Jul 2021 1 min read
Find out how to cash in on the hybrid work revolution
Freedom Day has come and gone, yet many have not left their home offices By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY, 24 July 2021 Freedom Day has come and gone, yet many of the nation’s workers have not left their home offices. The Government is no longer instructing us to work from home if we can, […]
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16 Mar 2021 1 min read
Buying on the dip
Buying on the dip: investors pile in to stocks ripe for a recovery Lockdown is lifting, so why not snap up the companies that are ready to bounce back David Brenchley, Saturday March 13 2021, 12.01am, The Times Investors have been taking advantage of whipsawing markets as they buy on the dips in share prices […]
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04 Jan 2021 1 min read
2020’s investment trust winners: time to take profits?
2020’s investment trust winners: time to take profits? December 30, 2020 By Dave Baxter The enormous sell-off that took hold in February and March was swiftly followed by a fierce rally that has come to dominate much of the year. MSCI World index rose by nearly 40 per cent in sterling terms between the start of […]
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22 Dec 2020 2 min read
Moving Apart
Moving Apart Trustnet magazine, Issue 68, December 2020 Cherry Reynard This year saw a stark divide between the winners and losers, but nowhere was this more apparent than the investment trust universe, writes Cherry Reynard This year has been a tumultuous one and the investment trust industry has reflected its highs and lows. Despite the […]
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05 Oct 2020 1 min read
Investment trust insider on Asian technology
Investment trust insider on Asian technology – James Carthew: there’s a lot of Asia tech we’re missing I met Mark Sheppard, the fund manager and leading shareholder of Manchester & London (MNL), last week. He was adamant that it was madness that most UK investors’ portfolios were very underweight US technology stocks and had next to […]
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25 Aug 2020 1 min read
US tech fund that is still aiming for 20% returns
The US tech fund that is still aiming for 20% returns: ALLIANZ TECHNOLOGY investment trust By JEFF PRESTRIDGE, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:51, 22 August 2020 | UPDATED: 08:00, 24 August 202 Walter Price is confident that he can keep delivering stellar returns for those invested in the investment trust he runs – the £981million Allianz Technology, listed on […]
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1 min read
Tech trust plans to issue new shares to keep lid on premium
Tech trust plans to issue new shares to keep lid on premium by Kyle Caldwell from interactive investor | 13th August 2020 13:32 Allianz Technology Trust (LSE: ATT) is seeking shareholder approval to increase the number of new shares it can issue to keep its premium under control. The trust, managed by Walter Price, has put in a strong showing so […]
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15 Jun 2020 1 min read
How UK investors can cash in on the digital revolution
Don’t have a costly Kodak moment: How UK investors can cash in on the digital revolution and tech stocks By JEFF PRESTRIDGE, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:53, 13 June 2020 | UPDATED: 09:42, 14 June 2020 Technology is very much of the moment. It’s the investment theme that has driven the US stock market to claw back all the losses […]
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02 Jun 2020 2 min read
Investment trust insider on emerging markets
Investment trust insider on emerging markets – James Carthew: there’s value in emerging markets as investors rush to take cover In uncertain times, it makes sense that investors turn to sectors with defensive earnings, such as utilities and infrastructure. Ecofin Global Utilities and Infrastructure (EGL), which I hold, is trading at asset value and issuing shares. […]
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18 May 2020 1 min read
Tech titans can help your portfolio ZOOM!
Tech titans can help your portfolio ZOOM! The stay-at-home stocks set to emerge even stronger from lockdown By ANNE ASHWORTH FOR THE DAILY MAIL PUBLISHED: 21:51, 15 May 2020 | UPDATED: 21:51, 15 May 2020 The close links with the US tech giants forged by so many of us in past weeks seem set to endure, and may be even […]
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07 Feb 2019 1 min read
Investment Trust Insider on the past decade
Investment Trust Insider on the past decade – James Carthew: the constant evolution of investment trusts A decade ago, when we were emerging from the global financial crisis, I was managing Advance UK Trust and Citywire was just 10 years old. All of this seems like a long time ago now. Recently, I found a Winterflood […]